PACBs to down shutters

While many ATMs were kept shut, most of those kept open were either ‘out of service’ or had no cash, in Erode district.

Frantic customers could be found stepping out of ATMs with disappointment writ large on their faces.

There was a huge queue early in the day at the Head Post Office for depositing / exchanging old currency.

The entire marketplace wore a dull look, and jewellery shop were found closed on Saturday and Sunday due to inability to transact with high-value currencies.

There were instances of fuel stations putting up boards that the demonetised currencies of Rs. 500 and Rs. 1,000 denominations would not be accepted from November 14 onwards.

Meanwhile, employees of Primary Agricultural Cooperative Societies said that the cash crunch had crippled their functioning, and that the institutions would not function from Monday onwards.

According to the functionaries of Tamil Nadu State Primary Agricultural Cooperative Banks All Employees Association, the functioning of the PACBs had actually stopped from the very next day after high-value currencies were demonetised.

The PACBs were unable to return deposits or forward loans in the current situation, and was not even able to supply urea.

The PACBs were not in a position to give any assurances to the depositors and loan seekers.

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